MeDirect has increased the savings interest rate by 0.25 percentage points to 3 percent. The online bank claims to be the first in the Netherlands to currently offer an interest rate of 3 percent on freely withdrawable savings accounts without restrictions.
“We have seen that it took a long time for many banks to increase savings interest rates. And when the increase finally came, it was too meager for many people,” says director Job Mantz of MeDirect Netherlands. “We said last week prior to the interest rate decision: ‘If the ECB increases interest rates, we will do so too.’ We are now fulfilling that promise.”
Interest paid semi-annually
MeDirect has been active in the Netherlands since May. This newcomer is originally an investment bank that manages a total of more than 4 billion euros in Europe for more than 100,000 customers. The bank pays out the savings interest every six months. At MeDirect, savers are covered by Malta’s guarantee scheme, which guarantees assets of up to 100,000 euros in the event of bankruptcy.
At the major banks, savers receive significantly less interest. Rabobank is the most generous with 1.7 percent. The savings interest rate at ABN Amro, ING and SNS is 1.25 percent. Higher interest rates are possible by storing savings on a deposit for a period.